Owning a business with your mother or father is a rewarding, life-changing experience – if you choose the right opportunity
Ever wake up and think how great it would be to own a business with your mom or dad? After all, if you’re like most of us, your mother and father have been one of the most important influences in your life, someone who loves and supports you unconditionally, and who you enjoy spending time with.
Increasingly, sons and daughters are discovering the joys that come when they decide to start a company with their old lady and/or old man. However, much of whether you decide to start a business with your parents comes down to a few important factors.
Taking the time to consider all of your options can make or break your new family-owned business. Here are a few questions to consider before you decide to start a business with your mother or father.
Why can owning a business with my mom or dad be awesome?
Think about your parents for a minute. Chances are you learned a lot about life from them. On more than one occasion, they probably gave you some really great life advice or provided a shoulder to cry on.
Now imagine waking up every day and getting to go to work with that person. They’d be there to encourage you when you’re making that tough call or having a hard day. They’d be there to celebrate after that big win with a grin and a firm pat on the back.
Owning a business with your mom or dad can be incredibly rewarding. But you’ll need to make sure you pick the right opportunity for the both of you to maximize the experience.
How do I choose the right business to own with my mom or dad?
Think about your parents and what makes them tick. Perhaps they likes to tinker or build. Maybe they’re good at math and finance. Or are they really good with people? Now do the same for yourself.
Chances are you just came up with two lists that are very different. Sure, you both have that winning laugh, but your skills are probably complementary. There are areas of overlap, but there also are areas where one excels to make up the deficiencies of the other. Armed with this list, you can begin to assess what kinds of businesses you can go into. Here is a quick list of questions to help guide your process. Answer these questions for both of you, and then see where there are areas of shared potential.
- In what industry did each of you earn your living?
- What special skills do you have that could be used to generate a profit?
- Where are you stronger than your mom or dad? What about areas in which they’re stronger than you?
- How do you each feel about manual labor? Sales? Accounting? Customer service?
- Do each of you like being in an office? Or do you prefer being “out and about” doing your work?
Once you’re armed with these answers, you can begin to form a picture of the kinds of business opportunities that you should explore with your mom or dad. Depending on the answers to these questions, your potential businesses could run the gamut from restaurants to home improvement. Picking the right opportunity will help you and your mom or dad know what to expect when you start that new business.
What can I expect when I own a business with my mom or dad?
If you’re going to own a business with mom or dad, you’ll need to set reasonable expectations for yourself and for your family. Owning a family business is unlike opening any other kind of company. It’s a commitment not only to business but also to a set of shared values.
When you and your mom or dad decide to start a business together, you can expect the kinds of support and encouragement you’ve gotten throughout your life. You’ll also be getting a business partner you can trust, with whom you have shared goals and who will look out for your interests.
At the same time, though, owning a business with a family member can be challenging. They’re still your relative, and that can mean you’re bringing a parent to work with you. There are a few measures you can take, though, that will help make sure communication lines are open, disputes are resolved amicably, and your business belongs to the both of you.
How can I position the business I own with my mom or dad for success?
Building a successful family business will require a few things. You’ll need to be completely open and upfront about what you hope to achieve with the new endeavor. Beyond that, here are a few other factors that can help:
- Establish clear responsibilities. Write a job description for each of you. Make sure you both know what it is you have to do to make the business run on all cylinders.
- Maintain open communications. Schedule a meeting at regular intervals with your mom or dad. During this meeting, have a written agenda outlining each aspect of the business and its functions. Go over challenging areas and update one another on progress and successes. Meanwhile, make sure there are methods for communicating on-the-go, either by cell phone, text, or email. Communication is key.
- Keep employees in the loop. Make sure the people who work for you and your mom or dad know who they can turn to for answers to their questions. This can mean departmental responsibilities for each of you. Remember that list you made of your skills and his? Divvy up decision-making into the appropriate categories – marketing, customer service, etc. – and make sure employees know to whom they should address a question.
Most importantly, though, remember this: this new business is about a lot more than making money. Keep this in mind, and you’ll have set yourself up for years of great, rewarding memories with mom or dad.
How can N-Hance help me own a business with my mom or dad?
N-Hance franchise is a unique, wood refinishing franchise opportunity that makes a great business to own with your dad. Our business model is simple to follow, our product is in high demand, and we will provide you with the operational and logistical support you need to succeed.
N-Hance Wood Refinishing is the No. 1 choice for refinishing cabinets, hardwood floors, furniture, and other wood surfaces. With more than 500 franchises in operation across North America, our owners enjoy high brand recognition and the power of a national presence in the local market.
More importantly, N-Hance franchise offers you and your mom or dad the opportunity to grow a business that requires a diverse skill set, from sales to installation, and that means there is plenty of room for you to establish yourselves as business leaders.
Get started with N-Hance Franchise today
Think N-Hance might be the right opportunity for you? Visit our research pages to learn more about what we do and how we do it. Or, if you’re ready to get started, request our free franchise information report and one of our N-Hance franchise team members will be in touch shortly.